7. Consultation Points: A Single Statute?
7.1 Summary of the Paper on a Single Statute
In part 5 of the report, the Commission lists the advantages and disadvantages of enacting a single statute to deal with all insolvency regimes.
The Commission concludes that the advantages clearly outweigh the disadvantages, and recommends the enactment of a generic statute. An outline for the statute is suggested.
65. What, in your view, are the advantages of enacting a generic insolvency statute? Do you support the advantages outlined by the Commission?
66. To what extent will a single statute aid accessibility to the law? Will there be any corresponding effect on compliance costs?
67. What, in your view, are the disadvantages? Do you believe there are other disadvantages aside from those outlined by the Commission?
68. Can issues particular to personal insolvency law be catered for in a generic insolvency statute?
69. Do you consider that the advantages of enacting a single statute to deal with all insolvency regimes clearly outweigh the disadvantages?
70. What are you views on the Commission's proposed outline for the statute? Do you agree with the scope of the proposed statute? For what reasons?
71. How far should a generic statute go in merging the law on personal and corporate insolvency?
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